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Pre-market futures are up this morning, filling in some holes from Tuesday’s session that closed in the red. Major indexes are fighting back to all-time-high levels (on the S&P 500 and Nasdaq) last week, but are still working off the slide ahead of Monday’s open. The Dow is up +181 points, the S&P 500 is +29, the Nasdaq is +209 points and small-cap Russell 2000 is +17 at this hour.
Meanwhile, spot oil prices have relaxed from yesterday, $101 per barrel (/bbl) on WTI and $108/bbl on Brent crude, even as Iran ratchets up its war rhetoric this morning. Iran has reportedly permitted the transit of three dozen ships over the past day out of the Strait of Hormuz, but it’s unclear whether these ships are also passing the U.S. blockade at the Gulf of Oman. Gasoline here at home continues to climb in price per gallon: $4.56 nationwide, up +43% year over year.
Big Morning for Retail Earnings: TGT, LOW, TJX & More
Target (TGT - Free Report) posted impressive Q1 results this morning, beating earnings estimates by 30 cents per share — $1.71, for a +21.4% positive earnings surprise — on $25.44 billion in revenues, up +4% from expectations. The department store major saw its strongest comps in four years. However, the future looks somewhat muted, as higher gasoline prices are already having an impact on its middle-class shopper.
Home improvement center Lowe’s (LOW - Free Report) also outperformed expectations in its Q1 report this morning, with earnings of $3.03 per share +2.4% higher than the Zacks consensus and revenues of $23.08 billion narrowly surpassing projections by +0.62%, but up nicely from the $20.93 billion in the year-ago quarter.
The TJX Companies (TJX - Free Report) — parent of T.J. Maxx, Marshall’s and Home Goods, and with a market cap well over 2x that of Target’s — posted a strong +18% earnings beat to $1.19 per share ($0.92 reported a year ago) on revenues of $14.32 billion outpacing expectations by +2.3%. Shares are up +3.7% on the news, pushing the stock into positive territory year to date.
Vans, Timberland and The North Face parent V.F. Corp. (VFC - Free Report) is also out with quarterly results ahead of today’s open. Flat earnings for fiscal Q4 beat expectations of -$0.02 (and the year-ago loss per share of -$0.13) on $2.17 billion in revenues, +1.77% higher than estimates. Shares had been up on the news, but are sliding ahead of the open.
NVIDIA Reports After the Close Today
It’s the Big Kahuna of yet-to-report earnings results — even bigger than Walmart (WMT - Free Report) on Thursday morning: NVIDIA (NVDA - Free Report) , the chip giant that has positioned itself perfectly for the boom in AI infrastructure investment. Expectations are typically awesome: +118.5% earnings growth on +78.7% growth in revenues from a year ago. NVIDIA has also outperformed estimates in each of the past three quarters.
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NVIDIA Earnings in Focus
Pre-market futures are up this morning, filling in some holes from Tuesday’s session that closed in the red. Major indexes are fighting back to all-time-high levels (on the S&P 500 and Nasdaq) last week, but are still working off the slide ahead of Monday’s open. The Dow is up +181 points, the S&P 500 is +29, the Nasdaq is +209 points and small-cap Russell 2000 is +17 at this hour.
Meanwhile, spot oil prices have relaxed from yesterday, $101 per barrel (/bbl) on WTI and $108/bbl on Brent crude, even as Iran ratchets up its war rhetoric this morning. Iran has reportedly permitted the transit of three dozen ships over the past day out of the Strait of Hormuz, but it’s unclear whether these ships are also passing the U.S. blockade at the Gulf of Oman. Gasoline here at home continues to climb in price per gallon: $4.56 nationwide, up +43% year over year.
Big Morning for Retail Earnings: TGT, LOW, TJX & More
Target (TGT - Free Report) posted impressive Q1 results this morning, beating earnings estimates by 30 cents per share — $1.71, for a +21.4% positive earnings surprise — on $25.44 billion in revenues, up +4% from expectations. The department store major saw its strongest comps in four years. However, the future looks somewhat muted, as higher gasoline prices are already having an impact on its middle-class shopper.
Home improvement center Lowe’s (LOW - Free Report) also outperformed expectations in its Q1 report this morning, with earnings of $3.03 per share +2.4% higher than the Zacks consensus and revenues of $23.08 billion narrowly surpassing projections by +0.62%, but up nicely from the $20.93 billion in the year-ago quarter.
The TJX Companies (TJX - Free Report) — parent of T.J. Maxx, Marshall’s and Home Goods, and with a market cap well over 2x that of Target’s — posted a strong +18% earnings beat to $1.19 per share ($0.92 reported a year ago) on revenues of $14.32 billion outpacing expectations by +2.3%. Shares are up +3.7% on the news, pushing the stock into positive territory year to date.
Vans, Timberland and The North Face parent V.F. Corp. (VFC - Free Report) is also out with quarterly results ahead of today’s open. Flat earnings for fiscal Q4 beat expectations of -$0.02 (and the year-ago loss per share of -$0.13) on $2.17 billion in revenues, +1.77% higher than estimates. Shares had been up on the news, but are sliding ahead of the open.
NVIDIA Reports After the Close Today
It’s the Big Kahuna of yet-to-report earnings results — even bigger than Walmart (WMT - Free Report) on Thursday morning: NVIDIA (NVDA - Free Report) , the chip giant that has positioned itself perfectly for the boom in AI infrastructure investment. Expectations are typically awesome: +118.5% earnings growth on +78.7% growth in revenues from a year ago. NVIDIA has also outperformed estimates in each of the past three quarters.